Palo Alto expands IoT security offering with Zingbox acquisition
Most of IoT devices are unmanaged and pose a security risk
Palo Alto Networks is set to acquire Zingbox, an IoT security company, for $75 million.
The acquisition is expected to close during Palo Alto Networks fiscal first quarter of 2020, subject to the satisfaction of customary closing conditions.
The number of connected devices in enterprises is growing exponentially, yet most of these devices are unmanaged and pose a security risk. Current IoT point products mostly focus on device profiling and inventory, not on detecting or stopping sophisticated attacks. Organisations are forced to integrate multiple IoT security products across different vendors, introducing complexity, higher cost, and manual effort.
"The proliferation of IoT devices in enterprises has left customers facing an enormous gap in protection against cybersecurity attacks. With the proposed acquisition of Zingbox, we will provide a first-of-its-kind subscription for our Next-Generation Firewall and Cortex platforms that gives customers the ability to gain control, visibility, and security of their connected devices at scale,” said Nikesh Arora, chairman and CEO of Palo Alto Networks.
Zingbox’s cloud-based service and AI and machine learning technology for device and threat identification capabilities will accelerate Palo Alto Networks delivery of IoT security through its Next-Generation Firewall and Cortex platforms.
Zingbox’s products will continue to be available to customers after the transaction closes. The company’s co-founders, Xu Zou, May Wang, and Jianlin Zeng, will join Palo Alto Networks.